Fidelity funds load up on Canadian tech stocks Shopify, Lightspeed, Open Text, filing shows

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The big Canadian tech bets by fund managers came during a tough year for both Shopify and Lightspeed

Mutual fund giant Fidelity Investments made a decisive push into Canadian technology stocks during its most recent fiscal year, betting big on three companies in particular across several funds, including Shopify Inc.

more than quadrupled to 15.8 million shares, from 3.6 million, over the course of the year. Three funds did most of the buying: Fidelity’s Canadian Opportunities Fund, Truth North Fund and Greater Canada Fund. Lightspeed was the $4-billion Fidelity Canadian Opportunities Fund’s No. 1 holding, with 7.95 million shares as of June 30.

The investments in Open Text happened as enterprise software sellers faced slower sales cycles, due to giant customers proceeding cautiously on spending in a period of economic uncertainty. By contrast, Fidelity funds collectively trimmed their aggregate positions in information technology services provider CGI Inc.

But a year-over-year review of the Boston fund giant’s holdings typically reveals interesting developments, including past decisions by Fidelity toof privately held Canadian technology companies it has backed including ApplyBoard, Inc., Hootsuite Media, Inc. and quantum computing pioneer D-Wave Quantum Inc. before it became a publicly listed company.

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